Perceptive Advisors Portfolio
13F Holdings & Position Changes — Last filed Feb 17, 2026
13F Holdings & Position Changes — Last filed Feb 17, 2026
Clinical-stage biotech specialist known for deep scientific due diligence and concentrated bets on binary catalysts like FDA approvals and pivotal trial readouts. Edelman and team leverage decades of pattern recognition in drug development to identify asymmetric risk/reward setups.
Perceptive Advisors is a $8B biotech-focused hedge fund managed by Joseph Edelman. As of their latest 13F filing (Q4 2025), the fund holds 101 positions worth $5.2B. This quarter they initiated 20 new positions and exited 101. Their largest holding is PRAX ($588.3M).
Perceptive initiated 20 new positions and increased 41 this quarter. Portfolio grew +62.0% to $5.2B. 563 upcoming catalysts across holdings. 8 insider buys detected in portfolio companies.
Portfolio Value (13F)
$5.2B
Holdings
101
Top 10 Concentration
44.9%
QoQ Change
+62.0%
Turnover
5.5%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | PRAX | Praxis Precision Medicines, Inc. | Increased↑2Q | $588.3M | 11.35% | 13.6% | |
| 2 | CELC | Celcuity Inc. | Increased↑2Q | $315.2M | 6.08% | 27.9% | |
| 3 | RYTM | Rhythm Pharmaceuticals Inc. | Increased↑2Q | $272.6M | 5.26% | 14.6% | |
| 4 | ASND | Ascendis Pharma A/S | Decreased | $230.6M | 4.45% | 7.2% | |
| 5 | APGE | Apogee Therapeutics Inc. | Increased↑4Q | $175.9M | 3.40% | 19.9% | |
| 6 | ROIV | Roivant Sciences Ltd. | Increased↑3Q | $173.3M | 3.34% | 5.0% | |
| 7 | NUVL | Nuvalent Inc. | Increased↑2Q | $167.5M | 3.23% | 12.2% | |
| 8 | TVTX | Travere Therapeutics Inc. | Increased↑3Q | $163.5M | 3.16% | 18.1% | |
| 9 | EXAS | Exact Sciences Corporation | Increased↑2Q | $121.9M | 2.35% | 3.9% | |
| 10 | PTGX | Protagonist Therapeutics Inc. | Increased | $117.9M | 2.28% | 15.7% |
Share changes reflect active decisions. Value changes include price moves.
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Perceptive Advisors held 101 biotech stocks in their 13F portfolio this quarter. Their top positions include PRAX, CELC, RYTM, ASND, APGE. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Perceptive Advisors's tracked biotech portfolio is worth $5.2B across 101 positions, with total assets under management of approximately $8B. Portfolio values are based on 13F filings with the SEC.
Perceptive Advisors initiated 20 new positions this quarter, including IVVD, JAZZ, PALI, BCRX, BIIB and 15 more. They also increased 41 existing positions.
Perceptive Advisors fully exited 101 positions this quarter, including ZBIO, CTKB, DRIO, LIANY, XNCR and 96 more. They also trimmed 18 existing positions.
Clinical-stage biotech specialist known for deep scientific due diligence and concentrated bets on binary catalysts like FDA approvals and pivotal trial readouts. Edelman and team leverage decades of pattern recognition in drug development to identify asymmetric risk/reward setups.
Track specialist biotech funds, insider signals, and AI analysis
Start 14-Day Free Trial| 3 |
| RYTM |
| Rhythm Pharmaceuticals Inc. |
| Increased |
| 2,546,391 |
| $272.6M |
| 5.26% |
| 4 | ASND | Ascendis Pharma A/S | Decreased | 1,081,421 | $230.6M | 4.45% |
| 5 | APGE | Apogee Therapeutics Inc. | Increased | 2,330,651 | $175.9M | 3.40% |
| 6 | ROIV | Roivant Sciences Ltd. | Increased | 7,985,461 | $173.3M | 3.34% |
| 7 | NUVL | Nuvalent Inc. | Increased | 1,665,105 | $167.5M | 3.23% |
| 8 | TVTX | Travere Therapeutics Inc. | Increased | 4,278,180 | $163.5M | 3.16% |
| 9 | EXAS | Exact Sciences Corporation | Increased | 1,200,487 | $121.9M | 2.35% |
| 10 | PTGX | Protagonist Therapeutics Inc. | Increased | 1,350,425 | $117.9M | 2.28% |
| 11 | INBX | Inhibrx Biosciences, Inc. | Increased | 1,452,707 | $114.8M | 2.22% |
| 12 | EWTX | Edgewise Therapeutics, Inc. | Increased | 4,457,974 | $110.6M | 2.14% |
| 13 | IMTX | Immatics N.V. | Increased | 10,383,456 | $109.0M | 2.10% |
| 14 | SYRE | Spyre Therapeutics, Inc. | Increased | 3,069,225 | $100.5M | 1.94% |
| 15 | AMLX | Amylyx Pharmaceuticals, Inc. | Decreased | 8,284,882 | $100.1M | 1.93% |
| 16 | ACLX | Arcellx Inc. | Decreased | 1,466,071 | $95.6M | 1.84% |
| 17 | BSX | Boston Scientific Corp. | Increased | 979,000 | $93.3M | 1.80% |
| 18 | FOLD | Amicus Therapeutics Inc. | 6,370,851 | $90.7M | 1.75% |
| 19 | ZYME | Zymeworks Inc. | Increased | 3,261,850 | $85.9M | 1.66% |
| 20 | ATXS | Astria Therapeutics Inc. | 6,485,420 | $84.9M | 1.64% |
| 21 | MGTX | MeiraGTx Holdings plc | Decreased | 10,326,103 | $82.1M | 1.58% |
| 22 | AORT | Artivion, Inc. | Decreased | 1,722,290 | $78.6M | 1.52% |
| 23 | CNTA | Centessa Pharmaceuticals plc | Decreased | 2,917,634 | $73.0M | 1.41% |
| 24 | DYN | Dyne Therapeutics Inc. | Increased | 3,478,944 | $68.0M | 1.31% |
| 25 | NRIX | Nurix Therapeutics Inc. | Increased | 3,555,877 | $67.5M | 1.30% |
| 26 | SLDB | Solid Biosciences Inc. | 11,833,539 | $66.7M | 1.29% |
| 27 | BLTE | Belite Bio, Inc. | Increased | 414,239 | $66.3M | 1.28% |
| 28 | AAVXF | Abivax S.A. | Increased | 458,343 | $61.8M | 1.19% |
| 29 | IVVD | Invivyd, Inc. | New | 21,785,166 | $53.8M | 1.04% | — |
| 30 | ENGNW | enGene Holdings Inc. | Increased | 5,869,076 | $53.0M | 1.02% |
| 31 | RGEN | Repligen Corporation | Increased | 315,541 | $51.7M | 1.00% |
| 32 | IMVT | Immunovant Inc. | Increased | 1,994,890 | $50.7M | 0.98% |
| 33 | ISRG | Intuitive Surgical Inc. | Increased | 87,919 | $49.8M | 0.96% |
| 34 | SION | Sionna Therapeutics, Inc. | 1,179,098 | $48.5M | 0.94% |
| 35 | NBIX | Neurocrine Biosciences Inc. | Decreased | 331,050 | $47.0M | 0.91% |
| 36 | ORKA | Oruka Therapeutics, Inc. | Increased | 1,476,501 | $44.8M | 0.86% |
| 37 | CTMX | CytomX Therapeutics Inc. | 9,680,185 | $41.2M | 0.80% |
| 38 | OMDA | Omada Health, Inc. | 2,396,330 | $37.8M | 0.73% |
| 39 | IRON | Disc Medicine Inc. | Increased | 450,743 | $35.8M | 0.69% |
| 40 | DRUG | Bright Minds Biosciences Inc. | 449,290 | $35.1M | 0.68% |
| 41 | PEN | Penumbra Inc. | Decreased | 110,529 | $34.4M | 0.66% |
| 42 | ANRO | Alto Neuroscience, Inc. | Increased | 1,784,393 | $31.8M | 0.61% |
| 43 | CAI | Caris Life Sciences, Inc. | Increased | 1,136,206 | $30.7M | 0.59% |
| 44 | JAZZ | Jazz Pharmaceuticals plc | New | 170,000 | $28.9M | 0.56% | — |
| 45 | PALI | Palisade Bio, Inc. | New | 12,050,000 | $28.3M | 0.55% | — |
| 46 | AXSM | Axsome Therapeutics Inc. | 148,900 | $27.2M | 0.52% |
| 47 | AXGN | Axogen, Inc. | Increased | 784,140 | $25.7M | 0.50% | — |
| 48 | XFOR | X4 Pharmaceuticals, Inc. | Increased | 6,314,452 | $25.3M | 0.49% |
| 49 | BCRX | Biocryst Pharmaceuticals Inc. | New | 3,162,529 | $24.7M | 0.48% | — |
| 50 | NAUT | Nautilus Biotechnology, Inc. | 12,594,211 | $24.6M | 0.47% |
| 51 | KOD | Kodiak Sciences Inc. | Increased | 848,900 | $23.7M | 0.46% |
| 52 | BIIB | Biogen Inc. | New | 124,000 | $21.8M | 0.42% | — |
| 53 | ALDX | Aldeyra Therapeutics Inc. | Decreased | 4,185,632 | $21.7M | 0.42% |
| 54 | OBIO | Orchestra BioMed Holdings, Inc. | Decreased | 5,127,256 | $21.3M | 0.41% |
| 55 | MIRM | Mirum Pharmaceuticals Inc. | Increased | 259,545 | $20.5M | 0.40% | — |
| 56 | RAPP | Rapport Therapeutics, Inc. | Increased | 673,923 | $20.4M | 0.39% |
| 57 | GRAL | Grail, Inc. | New | 237,342 | $20.3M | 0.39% | — |
| 58 | BBNX | Beta Bionics, Inc. | Increased | 602,944 | $18.4M | 0.35% |
| 59 | CVS | Cvs Health Corp. | New | 220,000 | $17.5M | 0.34% | — |
| 60 | CTNM | Contineum Therapeutics, Inc. | Increased | 1,464,592 | $16.7M | 0.32% |
| 61 | GH | Guardant Health Inc. | New | 160,000 | $16.3M | 0.32% | — |
| 62 | ADMA | ADMA Biologics Inc. | Decreased | 883,468 | $16.1M | 0.31% |
| 63 | RLAY | Relay Therapeutics Inc. | Increased | 1,903,245 | $16.1M | 0.31% | — |
| 64 | GKOS | Glaukos Corporation | New | 140,000 | $15.8M | 0.31% | — |
| 65 | DXCM | DexCom Inc. | Increased | 225,758 | $15.0M | 0.29% |
| 66 | SVRA | Savara Inc. | New | 2,400,000 | $14.5M | 0.28% | — |
| 67 | LONA | LeonaBio, Inc. | Increased | 1,859,322 | $14.1M | 0.27% |
| 68 | SEPN | Septerna, Inc. | Decreased | 433,160 | $12.1M | 0.23% |
| 69 | IKT | Inhibikase Therapeutics, Inc. | 5,421,568 | $11.1M | 0.21% |
| 70 | ADGM | Adagio Medical Holdings, Inc. | 9,876,576 | $10.3M | 0.20% |
| 71 | OCSAW | Oculis Holding AG | New | 493,827 | $9.9M | 0.19% | — |
| 72 | GOSS | Gossamer Bio, Inc. | Decreased | 3,139,669 | $9.7M | 0.19% |
| 73 | MPLT | MapLight Therapeutics, Inc. | New | 550,000 | $9.7M | 0.19% | — |
| 74 | XENE | Xenon Pharmaceuticals Inc. | 200,791 | $9.0M | 0.17% |
| 75 | IRD | Opus Genetics, Inc. | 4,325,000 | $8.7M | 0.17% |
| 76 | AVR | Anteris Technologies Global Corp. | Decreased | 1,675,476 | $8.4M | 0.16% |
| 77 | BLLN | BillionToOne, Inc. | New | 72,812 | $6.0M | 0.12% | — |
| 78 | KYMR | Kymera Therapeutics Inc. | Decreased | 69,935 | $5.4M | 0.11% |
| 79 | PEPG | PepGen Inc. | 829,870 | $5.4M | 0.10% |
| 80 | CBIO | Crescent Biopharma, Inc. | 453,686 | $5.4M | 0.10% |
| 81 | TENX | Tenax Therapeutics, Inc. | New | 439,142 | $5.4M | 0.10% | — |
| 82 | CRVS | Corvus Pharmaceuticals Inc. | Decreased | 692,441 | $5.3M | 0.10% |
| 83 | AQST | Aquestive Therapeutics, Inc. | Decreased | 747,193 | $4.8M | 0.09% |
| 84 | TNGX | Tango Therapeutics Inc. | Increased | 513,035 | $4.5M | 0.09% | — |
| 85 | KRYS | Krystal Biotech Inc. | Decreased | 17,500 | $4.3M | 0.08% |
| 86 | COGT | Cogent Biosciences Inc. | Increased | 121,082 | $4.3M | 0.08% | — |
| 87 | OLMA | Olema Pharmaceuticals, Inc. | Increased | 165,713 | $4.1M | 0.08% | — |
| 88 | SDGR | Schrodinger Inc. | New | 202,400 | $3.6M | 0.07% | — |
| 89 | OM | Outset Medical, Inc. | 833,333 | $3.1M | 0.06% |
| 90 | SABSW | SAB Biotherapeutics, Inc. | New | 803,210 | $3.0M | 0.06% | — |
| 91 | AVTX | Avalo Therapeutics, Inc. | 139,667 | $2.5M | 0.05% |
| 92 | IMMX | Immix Biopharma, Inc. | New | 338,941 | $1.8M | 0.03% | — |
| 93 | LXEO | Lexeo Therapeutics, Inc. | 139,835 | $1.4M | 0.03% |
| 94 | MDLN | Medline Inc. | New | 28,000 | $1.2M | 0.02% | — |
| 95 | PTN | Palatin Technologies Inc. | New | 70,000 | $1.1M | 0.02% | — |
| 96 | LENZ | LENZ Therapeutics, Inc. | New | 50,000 | $800K | 0.02% | — |
| 97 | BDSX | Biodesix Inc. | 108,694 | $739K | 0.01% |
| 98 | NVNO | enVVeno Medical Corp. | 1,759,035 | $564K | 0.01% |
| 99 | IOVA | Iovance Biotherapeutics Inc. | Increased | 152,714 | $417K | 0.01% |
| 100 | RVMD | Revolution Medicines Inc. | 250,000 | $235K | 0.00% |
| 101 | ENSCW | Ensysce Biosciences, Inc. | 86,666 | $80K | 0.00% |
| Q2 2025 |
| $2.6B |
| 76 |
| +8 |
| -97 |
| -4.9% |
| Q1 2025 | $2.8B | 77 | +11 | -88 | -20.3% |
| Q4 2024 | $3.5B | 83 | +14 | -71 | -23.1% |
| Q3 2024 | $4.5B | 89 | +11 | -35 | — |